Nvidia gains lift tech stocks in Asia, Japan, South Korea
Global tech stocks rose as Nvidia's market capitalization soared to $3.34 trillion. Taiwan Semiconductor Manufacturing Co. (TSMC) rose 4.34% and Hon Hai Precision Industry Co. (Foxconn) rose 4.78%. Japan's Advantest rose 3.86% and SoftBank Group rose 4.19%. South Korea's Samsung Electronics and SK Hynix rose 3.38% and 7.04%, respectively. Nvidia's success, driven by advances in AI, had a major impact on semiconductor and tech stocks around the world.
U.S. officials urge Japan to tighten restrictions on semiconductor exports to China
US officials are visiting Japan after meeting with Dutch officials to push for tougher controls on semiconductor exports to China. US export policy chief Alan Esteves is looking to build on a 2023 agreement between the US, Japan and the Netherlands to restrict semiconductor manufacturing equipment that could strengthen China's military. The US is looking to add 11 more Chinese factories to its restricted list and restrict further semiconductor manufacturing equipment exports.
Bitcoin and Cryptocurrencies Fall on Economic Worries
Bitcoin fell 3% to $64,680.44, its lowest since May 16, on global economic concerns and a summer drop in liquidity. Ether fell 4% to $3,401.37. Other cryptocurrencies faced bigger losses, with XRP down 6%, Solana down 7% and Dogecoin down 11%. CEO Marco Giurina cited economic uncertainty and geopolitical issues as factors. Coinbase shares fell 3% and MicroStrategy fell 1%. Bitcoin has struggled to maintain momentum, dropping 4% for the month and 9% for the quarter.
